Vaxcyte (NASDAQ:PCVX) Shares Gap Down After Earnings Miss

Key Points

• Vaxcyte, Inc. shares gapped down to $30.06 after reporting weaker than expected quarterly earnings, with a loss per share of ($1.22) compared to the consensus estimate of ($1.12).
• The stock has a strong analyst backing, with nine analysts rating it as a buy and a consensus price target of $136.50.
• Institutional investors hold 96.78% of Vaxcyte's stock, indicating strong institutional interest despite recent earnings setbacks.

Vaxcyte, Inc. (NASDAQ:PCVX - Get Free Report)'s share price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $33.00, but opened at $30.06. Vaxcyte shares last traded at $30.03, with a volume of 351,286 shares changing hands.

The company reported ($1.22) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.12) by ($0.10). During the same quarter in the prior year, the firm earned ($1.10) earnings per share.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Vaxcyte in a research report on Tuesday, April 22nd. They issued an "overweight" rating for the company. Cowen reissued a "buy" rating on shares of Vaxcyte in a report on Thursday. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $136.50.

Hedge Funds Weigh In On Vaxcyte

A number of hedge funds have recently made changes to their positions in the stock. RA Capital Management L.P. raised its stake in shares of Vaxcyte by 40.3% in the 1st quarter. RA Capital Management L.P. now owns 12,189,149 shares of the company's stock valued at $460,262,000 after acquiring an additional 3,499,959 shares during the period. Wellington Management Group LLP grew its position in shares of Vaxcyte by 44.4% during the 1st quarter. Wellington Management Group LLP now owns 6,416,930 shares of the company's stock valued at $242,303,000 after buying an additional 1,972,918 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of Vaxcyte by 26.8% during the fourth quarter. Capital Research Global Investors now owns 6,210,523 shares of the company's stock valued at $508,393,000 after acquiring an additional 1,312,302 shares during the period. Baker BROS. Advisors LP raised its stake in Vaxcyte by 1,211.0% during the 1st quarter. Baker BROS. Advisors LP now owns 640,885 shares of the company's stock valued at $24,200,000 after acquiring an additional 592,000 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Vaxcyte in the 1st quarter worth approximately $20,988,000. Institutional investors and hedge funds own 96.78% of the company's stock.

Vaxcyte Stock Down 0.2%

The stock has a market capitalization of $3.87 billion, a price-to-earnings ratio of -7.21 and a beta of 1.21. The business has a 50-day simple moving average of $34.43 and a two-hundred day simple moving average of $48.13.

Vaxcyte Company Profile

Vaxcyte, Inc, a clinical-stage biotechnology vaccine company, develops novel protein vaccines to prevent or treat bacterial infectious diseases. Its lead vaccine candidate is VAX-24, a 24-valent investigational pneumococcal conjugate vaccine for the prevention of invasive pneumococcal disease. The company also develops VAX-31 to protect against emerging strains and to help address antibiotic resistance; VAX-A1, a novel conjugate vaccine candidate to prevent disease caused by Group A Streptococcus; VAX-PG, a novel protein vaccine candidate targeting keystone pathogen responsible for periodontitis; and VAX-GI to prevent Shigella, a bacterial illness.